If you could buy Bitcoin straight from your bank account would you do it? Well 24 million Americans are going to be able to soon and well tell you how in just a second.Cardano is the number one blockchain in the world on this one key metric and the Bitcoin mining adjustment is about to do something thats never happened before. All the crypto news highlights served on a silver platter on this weeks Exodus Crypto News.
After the news about El Savlador making Bitcoin legal tender, this is one of the most bullish Bitcoin stories Ive heard all year.The payments company NCR has teamed up with digital-asset management firm NYDIG and theyre bringing Bitcoin to a bank near you.
The deal is pretty simple: 650 banks, located throughout the United States, are going to let clients purchase Bitcoin directly from their bank account.NYDIG will custody all of the Bitcoin so that banks dont have to go through the regulatory process of doing it on their own.One of the most interesting parts of the story is why hundreds of banks decided to start supporting Bitcoin.
According to NYDIG president Yan Zhao, quote, A lot of these banks have seen that one of the biggest outflows from their depositors is moving money from the bank to exchanges like Coinbase, and so thats part of why banks are so excited to have this capability for themselves and for their consumers. In other words, if you cant beat em, join em. Clients were taking money out of their accounts to buy Bitcoin and instead of fighting it, the banks are going to support it. Even though its a bank and a custody solution, the move is exciting and were really looking forward to seeing how popular this service is because it opens up a new asset class to a whole new market.
The long romance between Bitcoin and China is finally over. The Chinese government has made Bitcoin mining illegal, which has put the Chinese miners in a very difficult spot. Hundreds of thousands of ASICs have been turned off overnight and as youd expect, Bitcoins hashrate has plummeted.Thankfully, Satoshi Nakamota anticipated this type of scenario and thats why theres the mining adjustment.
Every two weeks the Bitcoin network makes mining more or less difficult, depending on whether more miners have joined or left the network.Since all of the Chinese miners have stopped mining the difficulty adjustment is trending down and has been for a while. The mining difficulty went down by 16% on May 30th and 5% on June 14th. Its not over though, and various sources project that the difficulty is going to fall by another 25% during the next adjustment.
Notably, this will be the first time in Bitcoins history that the difficulty has adjusted down 3 times in a row.Thats a big drop but the good news is that its not permanent. The Chinese miners will relocate to other countries like Kazakhstan and the USA and once they boot up their rigs the Bitcoin network will be more decentralized than ever! Bullish.Bill Foster is a Democratic Representative from the state of Illinois.
Heres a quote from him, talking about people holding cryptocurrencies like Bitcoin.For most people, if theyre going to have a big part of their net worth tied up in crypto assets, theyre going to want to have that security blanket of a trusted third party that can solve the problem. What a ridiculous statement!One of the primary reasons that people get into crypto is that there isnt a third party controlling their money.
Theres no Fed inflating away the money or PayPal reversing transactions and freezing accounts for no good reason. When you keep your crypto in a non-custodial wallet like Exodus the coins are yours. Nobody can stop you from transacting or take your money.Foster goes on to suggest that there needs to be a way to reverse crypto transactions, and of course it would be the government that does the reversing.
Another brilliant idea, since the politicians and the Fed have proven themselves to be so good at managing money.Theres not enough time in the day to fight back against all of this nonsense, suffice to say, next election cycle were rooting for Illinois to elect someone who is more knowledgeable about crypto and how blockchains work.Cardano is showing some real signs of life as 30 Billion ADA tokens are now being staked on the network.
Thats equal to about 75% of ADAs circulating supply, making Cardano the number one Proof of Stake network in the world measured by the percentage of coins being staked.One of the reasons so many people are interested in buying and staking Cardano is that after years of research and development the team is finally rolling out smart contracts. This should be a major boost to the platform since Cardano will finally be able to compete with other protocols like Ethereum.
Noted Bitcoin analyst Willy Woo, and frequent guest on Peter McCormacks What Bitcoin Did podcast, doesnt believe that Bitcoin is in a bear market. To prove that investors are still bullish on BTC Willy looks at a signal that he refers to as the Rick Astley indicator.The indicator, in reference to Rick Astleys song; Never Gonna Give You Up, measures the behavior of OG Bitcoin hodlers.
If the hodlers are selling thats bearish, since it shows that people who have believed in Bitcoin for a long time have had a change of heart. However, selling is the farthest thing from their mind right nowWilly Woo points out that according to his indicator, the only people selling right now are those whove bought Bitcoin in the last few months. And who is scooping up all the Bitcoin that the weak hands are dumping? You guessed it, the Bitcoin OGs.
Once the market runs out of paper hands Woo thinks well see a reversal and prices will start to trend higher. Its unclear how long it will take for this to happen, however, Woo has stated in previous media appearances that he thinks Bitcoin is going to make significant new all time highs in 2021.What do you think? Are we going to the moon ore is it time to trade the new lambos back in for Nissan sentras? Let us and everyone else know what you stand in the comments below. Thanks for watching everyone, make sure to hit thoseLike and subscribe buttons, and until next time hodl on!